Sep. 17, 2009 (Filing Services Canada) -- Mountain Lake Resources Inc (MOA - TSX Venture, MLKRF - OTCBB_Pink_Sheets), ("Mountain Lake" or the "Company") reports that it has completed the drill program on the mineral claims optioned from Cornerstone Capital Resources Inc., which are adjacent to Mountain Lake's 100% owned Bobby's Pond zinc-copper-lead+silver-gold deposit located approximately 45 kilometres (km) west by road of Teck Cominco's Duck Pond mine/mill operation.
The Company drilled 3 holes totalling 647 metres on the Cornerstone Option in the vicinity of a new volcanogenic massive sulphide (VMS) zone encountered in last year's drill program. Two of the holes were drilled to test anomalies identified in a gravity survey carried out in June 2009, but did not reflect zones of VMS mineralization. The third hole, CS-09-03, which was collared 300 metres southwest of mineralization encountered in drill hole CS-08-03, was targeted on surface geochemistry and encountered a broad zone of silica and sericite altered felsic volcanics including a 1.5 metre zone of 0.73% Zn, 0.49% Pb, 0.15% Cu, 19.2 gpt Ag and 0.12 gpt Au at the volcanic/sediment contact where massive sulphide deposits typically form. The results indicate that the mineralized and altered zone extends over a 300 metre strike length and further drilling will be required to determine if the mineralization encountered to date sits at the edge of a significant VMS deposit at depth.
Mountain Lake's exploration objective is to find new, near surface, ore bodies in close proximity to its Bobby's Pond deposit, where the latest independent NI 43-101 resource update (July 31, 2008) estimates that the deposit contains an indicated resource of 1,095,000 tonnes of 4.61% Zn, 0.86% Cu, 0.44% Pb, 16.6 gpt Ag, and 0.2 gpt Au in addition to an inferred resource of 1,177,000 tonnes of 3.75% Zn, 0.95% Cu, 0.27% Pb, 10.95 gpt Ag and 0.06 gpt Au. Mineralization on the Bobby's Pond deposit has been delineated to an approximate depth of 500 metres and remains open at depth.
No further drilling is planned at this time as the Company is focused on its two Newfoundland gold properties, where exploration and resource expansion drilling is in progress on the Valentine Lake Gold Project and trenching and sampling is in progress to define targets for an initial drill program on the Little River Gold Property this Fall.
Mountain Lake President and CEO Gary Woods commented, "We are encouraged to see a recovery in base metals prices and resurgence in exploration funding for base metals projects of similar size to Bobby's Pond. Given Newfoundland is one of the most favourable jurisdictions in the world for mining investment, our next step for the Bobby's Pond/Cornerstone project will be to evaluate the potential of joining forces with other base metals explorers for regional consolidation."
Gary Woods, P.Geo., is the Qualified Person on the Bobby's Pond/Cornerstone Option project, and has reviewed and verified the contents of this news release.
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX-V: MOA) is a diversified junior mining and exploration company whose corporate strategy is to build shareholder value through the exploration and development of economically viable mineral properties. Current projects include: a 30% interest in the Valentine Lake gold project (Newfoundland) with and option to acquire the remaining 70% interest from Richmont Mines Inc.; a 100% interest in the Bobby's Pond base metals project (Newfoundland) with an option to acquire initially a 51% interest in the surrounding claims from Cornerstone Resources; an option to earn a 100% interest in the Little River gold exploration property (Newfoundland); and a 13.07% stake in Etruscan Diamonds Limited, an alluvial diamond operation (South Africa). For more information visit: www.mountain-lake.com
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Source: Mountain Lake Resources Inc (TSX-V: MOA) http://www.mountain-lake.com
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